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USDCHF Market Update

12/19/2022 12:48 AM

Against the backdrop of a depreciation of the American currency, the USD/CHF pair is trading in a corrective trend around 0.9327.

At the last meeting of the Swiss National Bank this year, it was decided to raise the interest rate again to 1.00% for the first time since October 2008. According to the regulator, inflation of 3.0% is still far from the target range of 2.0%, and the tightening of monetary policy will continue until it is reached. As a result of the measures taken and the rise in prices, it became necessary to finance the economy additionally, and, according to the results of the referendum, from January 1, the general tax rate will be increased from 7.7% to 8.1%, the reduced rate will increase from 2.5% to 2.6%. %, and the social rate – from 3.7% to 3.8%.

At the beginning of the week, the US dollar is trading at 104.200 points in the USD Index. On Friday, business activity indices were published in the country's leading sectors of the economy, which confirmed the global downward trend: the indicator in the manufacturing sector fell to 46.2 points from 47.7 points earlier, and in the service sector – to 44.4 points from 46.2 points.

On the daily chart of the asset, the trading instrument continues its global decline, forming a local downward corridor.

Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms corrective bars in the sell zone.

Resistance levels: 0.9383, 0.9530. | Support levels: 0.9286, 0.9160.

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